Canada Life Assurance Company – 15
June 20, 2013
The Representative Plaintiffs are preparing their written material to submit to the Ontario Court of Appeal by the end of July, 2013. The Representative Plaintiffs, supported by the CLPENS Executive, will submit that the decision of Justice Perell in rejecting the Amended Surplus Sharing Agreement (“ASSA”) was not in the best interests of the Class. The ASSA provides greater financial benefit to the Class than the original judgment. In short, the Class is in a worse position under the original judgment than under the ASSA, and this was the best possible negotiated agreement in difficult circumstances.
The Plaintiffs share the disappointment and frustration of the Class about the substantial diminution in Integration Partial Wind Up Surplus (“IPWU Surplus”), and have made inquiries of Canada Life to update the quantum of the IPWU Surplus since the member pension re-elections were offered, and to ensure that IPWU Surplus has been appropriately calculated. Once this information is obtained, we will explore what steps may be taken in the context of the ASSA.
A date for hearing in the Ontario Court of Appeal has not been set yet.